Changed my oil and only 3.5 quarts came out...how bad is this?

I changed the oil in my 91 stang today (91 stock bottom with 100,000 miles+) and I was surprised at how little came out. I only was able to fill about 2/3 of an empty washer fluid container with the used oil. Is this a sign that my motor is on its way out? What steps should I take in order to find the cause of the problem? Is it time for a new shortblock? Thanks
 
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is it leaking oil? because if it is than no you dont need a new shortblock. you wont need a new one anyways. if its blow-by because your rings are bad than you might want to look into gettin it bored out. and re-ringed
 
Probably uses a little oil, leaks a little.. its fine, just throw 5 quarts back in, and keep an eye on it.

Most likely your dipstick is off, so fill it with 5quarts, pull the dipstick and make a new full mark yourself.
 
You probably alredy knew this.... but your oil filter holds almost a full quart of oil? Where you including that in your count? If not, that makes 4.5 quarts of oil, & that's nothing to worry about.
 
Also was your engine completely warmed up when you changed the oil? It takes alot longer to drain all of the oil out of a cold engine than it does a hot one. Either way i wouldn't get to worried you car has 100K miles it is bound to use and/or leak a bit of oil just check it regularly.
 
Your "oil" light SHOULD pop on when you're a quart low, but apparently yours isn't working. Doesn't sound like any damage was done, but start checking your oil more often and it wouldn't hurt to keep a spare quart right in the car.
 
Unless you heard the lifters rattling while it was running, I don't think you've got anything to worry about. After the change, if you find that its starts using a little oil, you could always tear it down give the cylinders a quick hone (doubtful that it's in need of an overbore) and re-ring it. That combined with a fresh valve job and new valve seals and you're good to go. That's what I did with mine and it's like a new car again.